Financial fraud has grown substantially in the last few years. Growing adoption of smartphones and increased internet penetration led to the adoption of digital banking by the consumers. Credit card frauds are increasing nowadays due to increasing dependence on internet-based financial transactions because of the factors such as convenience and speed. Growing online payment mode along with the frauds associated with it is a major factor driving the growth of identity theft protection services market. As the E-commerce sector is flourishing, online payment has witnessed prevalent growth over the period. As the internet penetration and e-commerce services is growing, identity theft is expected to continue, thereby driving the overall market growth.
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In recent times, governments have shown positive steps towards curbing identity theft such as the BuySecure initiative in the United States, a dedicated task force for identity theft in the United States. Europe is the second largest market for identity theft protection services because of the large number of fraudulent activities happening due to stealing of postal mails, increasing number of phishing activities to trick people and get their information and malicious software activities. For security of the people in European countries, the European Network and Information Security Agency (ENISA), an EU agency created to advance the functioning of network and information security, safeguarding the identity and data of population. Rising demand for artificial intelligence technologies is expected to propel the overall industry growth over the forecast period. The AI powered identity theft protection by IBM Watson is one of the instances. AI powered new technologies such as DeepCode are providing prominent solutions for identity theft protection.
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The detailed research study provides qualitative and quantitative analysis of identity theft protection services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, global identity theft protection services market is expected to reach US$ 8522.07 million by 2027, as the digital payments and e-commerce transaction are increasing.
- On the basis of application, the identity theft protection market is segmented into consumer and enterprise. The usage of identity theft protection service is more by the consumer because the fraudsters can easily access individual’s data as the consumers are not taking precautions to protect their identity.
- Asia Pacific region is expected to witness the highest growth rate over the forecast period. Rising usage of social media apps and online shopping is making individuals vulnerable to lose identity credentials. With growing digitization majority of financial transactions are done using credit card and debit card.
- Some of the players operating in the identity theft protection services market are Europ Assistance USA, Inc., Experian Information Solutions, Inc., ID Watchdog, IDENTITY FRAUD, INC., IdentityForce, Inc., IdentityIQ, Symantec Corporation, TransUnion LLC, Trilegiant Corporation, amongst others.
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Identity Theft Protection Services Market:
By Theft Type
- Bank Fraud
- Phone and Utility
- Employment and Tax
- Credit Card Fraud
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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